real estate: NJ Real Estate -- What You Need To Know
- 11/25/08 04:43 AM
First time home buyers make up forty percent of the New Jersey Market. Interest rates are at an all-time low and buyers have a great selection of homes to choose from. First-time buyers are not held back by having to sell a home. It is the perfect time for them to buy. This market presents the perfect time to trade up. Owners in need of larger accommodations may be wary of selling their current home. They need to keep in mind that an appropriately priced house will sell, and the other sellers will be entertaining more realistic offers as well. … (2 comments)
real estate: First Time Buyers, More Down Payment Help
- 11/18/08 11:11 AM
One of the most common deterrents to first-time home buyers is the lack of a down payment. However, the home loan industry has practically re-created itself in the last ten years, making it easier than ever to obtain a mortgage, and new mortgage programs are always cropping up. Some states sponsor loan programs that allow buyers to purchase a home without putting any money down. A parent or other relative can guarantee repayment of ten percent of the loan if the buyer defaults. The only cash needed is for the closing costs, which typically run about three percent of the … (0 comments)
real estate: Fed Programs Help Ease Credit
- 11/05/08 10:15 AM
The government's plan to ease the credit crisis is causing borrowing rates to slip to a new all time low. The government has set trillions of dollars worth of programs into action that are aimed at easing funding between financial institutions and encourages lending between them. Lowering interest rates, injecting capital into banks and providing insurance on all non-interest bearing accounts are some of the measures the government has instituted. Over the past several weeks, lending rates have been going downward. The London Interbank Offered Rate (LIBOR) has declined steadily over the past several weeks. The LIBOR is a daily … (1 comments)
real estate: The Home Buying Process
- 11/01/08 01:10 PM
Prequalify for a loan Getting pre-approved for a loan will assure you are looking for a house in a price range you can afford. Prequalification will allow you to move quickly on your search for a home. Sellers know you are serious when you place a bid and have your mortgage in hand. The knowledge that your buyer can afford the property makes a bid more attractive. Decide what type of home you are looking for and search for your home Prior to looking at property, you will need to get a realistic idea of the type of home you … (1 comments)
real estate: Ingredients of a Great Real Estate Investment
- 10/29/08 11:01 AM
There are four main ingredients that will that will increase your chances of selling your home in the future. When you purchase your next property, these key essentials will tip the resale scale in your favor. Always think of the potential buyers for your next property. Upgrading and remodeling will not catch the eye of every buyer, but these features will! Central Air Conditioning Central air conditioning is the most sought after feature when looking to buy a new home. A recent National Association of Realtors (NAR) survey has concluded that seventy-five percent of buyers rank central air as the … (1 comments)
real estate: Corzine: Jersey May Buy Homes to Stop Foreclosure
- 10/24/08 09:53 AM
Gov. Jon Corzine has proposed that the federal government purchase mortgages at market value. Under this proposal, the mortgages would be restructured, and the houses may be bought outright. This proposal, which Corzine announced on "Meet the Press", comes at a time when our economy is being directly impacted by the stock market plunge. Increased levels of unemployment will bring the credit crisis to the forefront. On a later appearance in "Eyewitness News Up Close," the governor announced that New Jersey would be buying homes. "We're going to do some on-the-ground purchases of homes," Corzine said. He promised that this … (0 comments)
What a month this has been! Right after everyone phoned their broker about the stock market dive, they turned around and called me to ask about the value of their homes. Everyone wants to know: "Maggee, what should I do?"Here's what it looks like from my perspective: homes are continuing to sell, though not like they were four years ago at the height of the market. Banks are also getting tighter with lending. But people are buying homes if they see value in the property. I am making great deals for my clients. This is also a prime time … (0 comments)
real estate: Mortgage Rates Ease
- 10/16/08 11:08 AM
Freddie Mac's Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 6.52% for the week ending July 31, 2008, which is down from the prior week when it averaged 6.63%. Last year's FRM at this time of year averaged 6.68%. The 15-year FRM averaged 6.07%, down last weeks' 6.18% average, and it averaged 6.32% a year ago. Freddie Mac vice president and chief economist Frank Nothaft states, "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures. For instance, the Department of Energy reported that gasoline prices were … (0 comments)
real estate: Examine Your Risk for a Flood
- 10/14/08 06:37 AM
Floods are the most common natural disaster in America and are caused by heavy rains, melting snow, inadequate drainage, failed flood control structures, and tropical storms and hurricanes. If you live in a flood plain, your home has more than one in four chance of suffering flood damage during the course of a 30-year mortgage, compared to less than a one in ten chance of fire damage. The National Flood Insurance Program (NFIP) says one in four flood insurance claims come from low-to-moderate flood risk areas, but most homeowners' insurance policies don't cover flood losses! They urge consumers to purchase … (0 comments)
real estate: Don't Overlook The Garage When Getting Your Home Ready To Sell
- 10/10/08 01:32 PM
There's a lot of talk about curb appeal being the driving force drawing buyers into your home. It makes sense. If the house looks a mess from the outside, what buyer would want to set foot inside? Well, maybe your house isn't quite a mess. You have taken the time to fix-up the landscape, power-washed the house, and even painted the mailbox. But did you overlook what can be the biggest eyesore -- the garage? "It's the largest architectural element on the house. So it really, in this day and age, is impossible to dismiss the garage door as an … (0 comments)
real estate: Investor Report: Hidden Tax Pitfall
- 10/07/08 02:25 AM
Here's a tax alert for real estate investors who use popular tax-free exchanges: The recently signed federal housing legislation contains a hidden zinger that could cost you thousands of dollars if you don't plan around it. As of next January 1st, investors who exchange into rental or second home properties that they later convert into their personal homes no longer will be eligible for the full $250,000 to $500,000 tax-free exclusions now available on sales of principal residences. Instead, they'll need to allocate their time of ownership between taxable investment or second home usage and non-taxable principal residential usage. To … (0 comments)
real estate: Open The Doors And Buyers Shall Come — But Prepare First!
- 10/03/08 10:03 AM
If your home is on the market, chances are your agent will be holding an open house. Open Houses can be a great way to drive buyer traffic to your home. But most often the desire to physically come and see your home starts with a picture on the Internet. "I have developed a proprietary way to build layers into a room to give that depth when you're putting the photo on the website," says Christine Rae owner of Certified Staging Professionals (CSP) and co-author of Home Staging For Dummies. She says, "Curb appeal starts on the Internet so it's … (0 comments)
Most of us sign up for a homeowner's insurance policy when we purchase a home not only because of the protection it offers us, but also because of the "required reading" aspect of it to our mortgage lender. Those institutions lending us the money to make homeownership possible cover their bases by making sure their own financial investments are protected in case of fire or natural disasters. But how much does the average homeowner know about what the typical homeowner's policy covers? The typical homeowner's policy includes coverage for perils and losses due to fire, lightning, tornadoes, windstorms, hail, … (0 comments)
real estate: Existing-Home Sales Hit 5-Month High
- 09/30/08 12:17 PM
Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the National Association of REALTORS®. Existing-home sales - including single-family, townhomes, condominiums and co-ops - increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007. NAR President Richard F. Gaylord, said the up-and-down pattern may break soon. "We hope the new tools in the … (0 comments)
real estate: What the Housing and Economic Recovery Act of 2008 Means for You
- 09/18/08 05:52 AM
The time has never been better to buy your first home. The Housing and Economic Recovery Act of 2008 grants first-time homebuyers (or homebuyers who have not owned a principal residence during the three-year period prior to their home purchase) up to a $7,500 tax credit if the purchase is completed between April 9, 2008 and July 1, 2009. There are certain income requirements. But even if you are over the modified adjusted gross income level of $95,000 (single) or $170,000 (married), you may be able to receive partial tax credits. Just claim the tax credit on your federal income tax … (0 comments)
real estate: August Home Sale Prices
- 09/05/08 05:57 AM
Smart buyers kept home sales strong through the usually quiet month of August, locking in their mortgages at the current low rates. If you’ve been waiting to "time the market", you might want to move quickly to avoid rate increases and to capitalize on a rare gift from the Federal Government: you can now borrow up to $729,750 without tipping into the more expensive “jumbo” category. In January, that maximum is scheduled to fall back to $417,000. This is a great time to buy! We’re on our way back up from a market bottom that had far less impact on our … (0 comments)
real estate: Painting the Vision of a Perfect Home Sale
- 09/04/08 07:13 AM
In the perfect vision, buyer meets seller, buyer loves the home the seller has to offer, buyer has the resources to purchase the home, buyer buys the new home, and both buyer and seller leave the transaction with a good feeling and with the feeling of getting a good deal. So where does this whole process start? According to expert John Peek, President and owner of Peek Brothers Contractors, " Getting your home ready to close the deal, for the most money, starts with knowing where to begin, and, often, that means quite literally, you need to paint the perfect sale." … (1 comments)
real estate: Beat the Housing Market Trends and Buy or Sell a Home
- 09/03/08 12:02 PM
Plan/Prepare The home-selling process typically starts several months before a property is made available for sale. It's necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out. Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers - and as much demand - as possible. Get a Pre-listing Inspection Having your home inspected by a professional home inspector before you list is a recommendation … (0 comments)
real estate: Not ALL Residential Real Estate is Hurting
- 05/21/08 07:48 AM
While single family homes in New Jersey and across the nation may be hitting their cyclical lows, well-managed apartments are earning great returns. One only needs to look outside the (house-shaped) box to find increased success-in rental apartments! While home ownership decreases and foreclosures reach record levels, the apartment market is growing and remains strong and prosperous; as people leave behind homeownership, they move into affordable rental apartments. 2007 rentals showed their largest increase since 2000, according to Mark Obrinsky, chief economist of the National Multi Housing Council. The opportunity to benefit from apartment rentals isn't limited only to billionaires; anyone … (2 comments)
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